Professional services firm Ernst & Young has teamed up with Deakin University’s Applied Artificial Intelligence Institute (A2I2) to inject AI efficiency into audits, working on an inventory analyser tool that takes the guesswork out of the process.
The new partnership between A2I2 and Ernst & Young (EY) is to leverage emerging advances in AI to improve auditing process efficiency.Professor Kon Mouzakis, a Co-director at Deakin’s A2I2, said working with firms like EY gave researchers a chance to work on “real world” problems.
“Without the deep collaboration of our industry partners, we cannot translate our research into applications which will impact our society and the communities we work with.”
According to Christina Larkin, the program director of EY’s innovation team, AI technology is particularly well suited to work with a large number of variables and data to support better decision-making.
“AI can be used for a number of applications in the overall audit process but the inventory space really stood out for us,” she said. “Preventing inventory obsolescence is an important aspect of the accounting process for a lot of our clients.
“We are in the early stage of the project but what we have seen so far is that there is an opportunity here to develop the proof of concept further.”